Job Openings and Labor Turnover Survey: Labor market remains strong—but not hot
Below, EPI senior economist Elise Gould offers her insights on today’s release of the Job Openings and Labor Turnover Survey (JOLTS) for January. Read the full thread here.
Today’s JOLTS report reflects the revisions that were made to the CES employment data in their annual benchmarking process. According to their comparison tables found in the report (see https://t.co/dXEZgZoGFw), revised rates were little changed from the original data reported.
— Elise Gould (@eliselgould) March 6, 2024
As with the hires rate, the quits rate ticked down a bit. The fast churn in the immediate aftermath of the pandemic recession is behind us, but higher quits indicate a labor market where workers are more confident about other job opportunities so this is a key indicator to watch. pic.twitter.com/KIucF8zX4F
— Elise Gould (@eliselgould) March 6, 2024
Even with the softening in hires through January 2024, the hires rate still remains above the quits rate in every sector according to the latest data. Some workers are still quitting in search of better opportunities but the labor market is decidedly not hot. pic.twitter.com/yHIDcwN9BN
— Elise Gould (@eliselgould) March 6, 2024
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